Earticle

이슬람의 상거래에서 위험 요소와 담보의 현실적용은 확대되고 있다. 전통적 서구상업보험은 이슬람법에서 금기시하고 있는 불확실성, 도박, 이자와 같은 요소를 내포하고 있기 때문에 이슬람 사회에서 직접적으로 권장되지 못하였지만, 상부상조의 원칙과 이슬람법에의순종 그리고 자비로운 기부에 입각한 이슬람 보험은샤 리아에서 허용한다. 최근 2005년 이후 이슬람보험은 말레이시아에서는 연평균60%, 그리고 걸프지역에서는10%이상의성장세를보여주고있다. 이슬람보험시장의 향후 연평균성장률이20% 라는가정하에, 2015년 전세계 이슬람보험의 수입 보험료는74억달러, 그리고 전세계보험료는 1조1천억달러에 달할 것으로 전망된다. 국가별 순위에 있어서, 말레이시아와 인도네시아 그리고 사우디아라비아, 미국, 이란이 선두그룹을 형성하고 있고, UAE, 이집트, 영국, 쿠웨이트가 그 뒤를 따르고 있다. 이슬람보험 산업은 이슬람권에서 뿐만 아니라 비이슬람권에서도 점진적으로 확산되고 있다. 또한 “이슬람 보험사가 없을 경우, 전통적인 상호보험사로 부터도 보험구매를 할 수 있다”는 유럽이슬람법위원회(European Council of Fatwa and Research)의 해석으로 기존의 상호보험사들은 이슬람보험 시장에 빠른 속도로진출하고있다. 본 연구는 이슬람 경제사상에 기초하여 이슬람 법의 종류 및 금지 사항을 이슬람권의 제도에서 나타는 위험의 담보의 특징과 비즈니스 모형을비교하고 국가별 운영 현황을 분석 한다. 그리고 이슬람경제의 사상적 중요성과 이슬람경제사상의 현실 적용의 확대 가능성을 예측하였다.

This study will analysis on the institutional aspects of Islamic insurance system, which is a step further on the basis of these previous researches about Islamic Economy. However most of them are focused on basic conceptual elements of Islamic financial system since 1980. As public interests in Islamic insurance are increasing these days, many Islam related literatures are issued accordingly. But most of them were focused on basic aspect of Islamic financial system or on the study of business management structure. The conceptual approach to evaluate the Islamic insurance market shall become the foundation of operation in conventional business law and regulation penetrate to the Islamic business environment. Therefore, the research of the regulatory system in Islamic insurance system as well as the search of trade engineering basis. This study will focus on the research of insurance regulatory system, skipping the discussion of this basic conceptual signs, in the aspect of Middle East Islamic area studies. On the other hand, as this study, as a study of substantial law, can not handle all financial related regulations on the Islamic business model, only major Islam oriented custom shall be handled in world Islamic insurance (Takaful) markets.

This study investigates the system and evolution of Islamic finance in the Malaysia and Indonesia of Southeast Asia. Situated centrally in the Asian zone, Malaysia is well-positioned to effectively serve the East Asian region, to facilitate expansion in investment and trade between the region with the Middle East, West Asia and North Africa, and to strengthen relationships between international Islamic financial markets. Malaysia is one of the leaders and innovators in the global Islamic financial industry. The Islamic financial system in Malaysia has evolved as a competitive component of the overall financial system, complementing the conventional financial system as a driver of economic growth and development. The main components of the Malaysian Islamic financial system consist of Islamic banking, takaful(Islamic insurance), money and capital markets(included Sukuk). These are highly integrated to create a comprehensive system and conducive marketplace. In 2006, The Malaysian Government launched MIFC(International Islamic Financial Centre) so as to promote Malaysia as international hub for Islamic finance. The MIFC initiative is aimed at fortifying Malaysia’s position as a vibrant, innovative and competitive Islamic financial hub. This institution roles in facilitating relationships between the international Islamic financial markets and bridging, and expanding investment and trade relations between the Middle Eastern, West Asian and North African regions with East Asia. ”The Blueprint of Islamic Banking Development in Indonesia ” prepared by Bank Indonesia in 2002 provides guidance to stake-holders of Islamic banking and to set the position and vision of Bank Indonesia in developing Islamic bank in Indonesia. In line with the concrete efforts in developing Islamic banking in Indonesia, Bank Indonesia has formulated a Grand Strategy of Islamic Banking Market Development, as a comprehensive strategy of market development covering strategic aspects

이슬람 금융이란 샤리아(이슬람법)에 의거하여 이자의 지급 대신 서비스 제공이나 실물자산을 동반한 거래의 대가로서 수익을 창출․분배하는 구조를 이용하는 금융이라 할 수 있다. 이슬람 금융은 실물을 매개로 하여 복잡하고 상대적으로 거래 비용이 많이 들기 때문에 무슬림이 쉽게 전통적인 금융 방식을 대체하지 않을 것이라는 예상과는 달리 말레이시아와 중동 지역을 중심으로 이슬람 금융이 빠르게 성장하고 있다. 이슬람 금융의 최신 경향은 이슬람 금융의 허브인 말레이시아에서 찾아 볼 수 있다. 첫째, 최근에는 수쿠크를 기후변화 및 신재생에너지와 연계시키는 그린 수쿠크(Green Sukuk) 연구가 진행되었다. 그러한 노력으로 2017년 7월 말레이시아는 타다우 그린 수쿠크(Green SRI Sukuk Tadau)라는 이름으로 첫 그린 수쿠크를 발행하였다. 그린 수쿠크는 신재생에너지 발전 프로젝트와 같이 높은 초기 비용과 장기적 수입 흐름 특징인 프로젝트 재원에 적합한 금융 상품으로 평가받고 있다. 둘째, 이슬람 윤리 원칙은 서구식 기업의 CSR 보다 광범위한 틀을 이슬람 은행에게 제공하고 있으며 이슬람 은행 역시 이러한 원칙을 고수할 의무가 있다. 2012년 말레이시아는 이슬람 금융기관의 CSR 활동의 공동체 차원에서 평가하기 위해 이슬람 CSR 지수를 개발하였다. 셋째, 서구식 금융기관은 이슬람 국가의 빈곤층에 대한 신용정보 수집 비용 부담 및 대출 미회수 가능성으로 이들에 대한 대출 기회를 줄 가능성이 낮다. 지속 가능한 개발 목표에 대한 금융적 접근방식으로 마이크로 크레딧, 마이크로 세이브, 마이크로 보험을 제공하는 이슬람 소액금융상품이 이용되어지고 있다. 이처럼 이슬람 금융과 지속 가능한 발전은 상호 밀접하게 연계하면서 발전하고 있다. 이처럼 말레이시아는 환경 산업과 금융 산업이 결합된 그린 수쿠크로 현 시대에 맞는 이슬람 금융의 대표적인 파생상품으로 자리매기고 있다. 사회적 책임은 샤리아에 근거한 대표적인 규범으로 이슬람 금융은 이자거래를 금하고 있어 이미 존재 자체로도 사회적 책무를 다하고 있다. 아직 추상적이긴 하지만 국제사회가 마주하고 있는 지속 가능한 개발도 이슬람 소액금융으로 접목시키고 있다.

Islamic finance uses a structure that generates and distributes revenue in exchange for services or transactions involving real assets instead of paying interest under Islamic law. The compliance of Sharia, for examples prohibition of riba(interest), gharar(excessive uncertainty) and maysir(gambling), reduces the possibility of financial instability of the overall economy and financial system. Environmental improvement and eco-friendly industries are growing, but they are still scarce and are not easy to continuously bring in funds. The solution to this can be green Sukuk, and the need cannot be overlooked. Social responsibility refers to the obligation of an organization to protect and contribute to a functioning society. General concept in Sharia has been described as a broader one of corporate responsibility. Islamic groups must concentrate their efforts on the underprivileged in society to maintain equilibrium and social justice, and Islam demands an equitable distribution of wealth. The impact of Islamic finance on sustainable development goals (SDGs) can be increased. Islamic finance can play a role in improving the stability of the financial sector. Islamic micro-finance which is shaped by Islamic principles is regarded as an important tool to address the widespread poverty and vulnerability of the poor. Overall, Islamic financial institutions in Malaysia involve a social implication which is necessarily connected with the perspective of Sharia. This feature distinguishes Islamic finance from other western one.

Islamic Fund has become one of the most prospect blue chip in the financial market since the beginning of the year 2000. Rapid growth of Islamic Fund was steered by accumulation of oil revenues and active development policies of Islamic states both in economic and political spheres. Moreover, expectations are high since this trend is expected to continue over middle and long term period. In case of Korea, the government has been actively asserting larger efforts in this field since they are the late comers. The Korean government has taken gradual steps in institutionalizing Islamic Funds in its financial market; this includes establishing invigorating policies and modifying both legislative and taxation systems. In spite of these efforts, some of the constraints need to be settled. Domestic financial institutions and companies do not have sufficient understanding and information on this specific field. These restrictions will demand larger initial costs and efforts until they accumulate more experience and business routes. One of the other, and probably one of the larger drawback derives from the political spheres. Adjustment of taxation and legislative systems cannot be solved in a brief season. In this research, therefore, some of the solutions will be introduced in order to resolve these restrictions. By analyzing some of the states who have adopted the Islamic Funds in global financial market, which are Iran, Saudi Arabia, Singapore, Malaysia and Pakistan, possibilities and prospects of its success will be dealt with. Moreover, this research will also provide some of the basic directional guidelines in adopting Islamic Funds.

The purpose of this paper is to extract the feature of Islamic banking in the context of financial theory and to analyse the feature and issue of the funds management system of Islamic banking. This paper consists of five parts. Continuing from the introduction, this paper deals with three main subjects like following :First, this study surveys fast-growing status of Islamic banking trough the indicators of annual growth rate, market share, asset, profits, asset growth, profit growth, profits/assets. Second, this paper analyzes the various contract type of Islamic banking such as financial contract, trade contract, brokerage contract different from conventional banking and based on this analysis, this study examines the feature of Islamic banking from the perspective of three basic functions of bank such as risk management function, credit creation function, payment function. Third, with reference to stylized balance sheet of an Islamic banking, this study attempts to analyze profit loss sharing contracts related to the inherent problems and risk management issues. Especially with regard to the low proportion of profit loss sharing contract in asset composition, this paper examines from the perspective of information asymmetry and limit liability. This paper deals with the risk management issues in terms of six kinds of liquidity risk, duration mismatch risk, return change risk, legal risk, price fluctuation risk of real estate, Sharia Risk.